Coromandel International has bought 8.13% additional stake in Andhra Pradesh Gas Power Corporation (APGPCL) for some Rs 110 crore to ensure 15 MW more power to its fertilizer facilities in Kakinada and Visakhapatnam in state of Andhra Pradesh. The fresh stake purchase takes the total holding of the Murugappa group company in APGPCL to 9.96%, enabling the fertilizer company to draw a total of 27 MW of power produced by the APGPCL.
APGPCL is a public-private-partnership venture, which has a gas-fired power generation facility of 272 MW capacity, is 31% owned by AP Power Transmission Corporation (AP Transco), 21% by public sector power consumers and the balance 48% by private sector consumers.
Coromandel International is entitled to get power from APGPCL at a low price of 1.22 a unit as against prevailing market price of over 9 a unit for industrial users. APGPCL has also agreed to sell 7 MW of power entitlement in favor of Andhra Petrochemicals and Andhra Sugars.
Coromandel International, a part of the $3.8 billion-Murugappa Group, is engaged in manufacturing of fertilizers, specialty nutrients, and crop protection.
| Company Name | CMP |
|---|---|
| Coromandel Interntl. | 1927.70 |
| National Fertilizers | 78.63 |
| RCF | 130.70 |
| Chambal Fert & Chem | 455.70 |
| Paradeep Phosphates | 124.85 |
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